Bank of Korea(BOK) Governor Rhee Chang-yong said all members on the bank's monetary policy board had noted that it is difficult to predict potential rate cuts during the second half of the year due to inflation uncertainties.

At a press conference following the board's unanimous decision on Friday to freeze the key interest rate at three-point-five percent for the tenth consecutive time, Rhee cited continued uncertainties over agricultural and oil prices.

The BOK chief said aside from himself, five of six board members had said it would be appropriate to further freeze the current rate three months later until there is confidence that inflation would reach the targeted two percent. The sixth member had indicated openness to consider a small rate cut.

Should inflation slow down to two-point-three percent by the year's end, the governor said a rate cut cannot be ruled out.

As for some analyzing that the BOK has signaled a possible rate cut, Rhee said it has not and is currently mulling whether or not to float the possibility.